Will my money be safe if my bank fails?

Question

I keep hearing all this stuff about some banks failing and im wondering if my bank failed what would happen to my money?

Answer 1

sure, FDIC will protect your money.(federal deposit insurance corporation)

Answer 2

if its covered by the FDIC, your good is you have less than 100,000

Answer 3

It's probably protected by FDIC, but good luck on getting it from them...it will probably be frozen for some length of time.

Answer 4

FDIC or the one for credit unions protects your money.  I don't think you can get your money direct from the FDIC though.  What the government does is make a stronger bank merge with the weaker bank and your account transfers to that stronger bank.

Answer 5

You are covered depending on the structure of your account up to 100k. It is best to either ask your bank or go to fdic.gov and read the different account structures and what happens when a bank fails. You get your money that you are insured up to and then when FDIC liquidates the banks assets you get a portion of that for any uninsured deposits that you may have.

Answer 6

As long as you don't keep more than $100,000 in there it is insured by the federal government.  Make sure its an FDIC insured bank.